Parag Milk Foods: Scaling Up Dairy and Nutrition

is targeting revenue of around ₹10,000 crore over the next 3–4 years, supported by capacity expansion across paneer, cheese and whey protein. The company is also increasing its focus on higher-value dairy and nutrition products, with Pride of Cows and Avvatar emerging as key growth drivers. In Q1 FY27, revenue increased 11% YoY to ₹945 crore, while net profit declined around 20% to ₹22 crore. Overall volume growth stood at 3%, with the flagship portfolio of ghee, cheese, paneer and dahi contributing 61% of revenue. Within this portfolio, value growth was 10% despite a 2% decline in volumes. The New Age Business, comprising Pride of Cows and Avvatar, grew 59% YoY to ₹118 crore and increased its contribution to around 13% of revenue. Avvatar is expanding beyond whey protein into protein bars, ready-to-drink products, creatine and other functional nutrition categories. A key growth initiative is the planned doubling of cheese capacity from 60 MTPD to 120 MTPD over the next 1.5 years. Higher cheese production should also increase whey availability, allowing Parag to scale its health and nutrition portfolio. The key monitorables are volum